Hoschton receives loan consolidation approval
By Katie Cofer
Hoschton Mayor Theresa Kenerly on Monday night made an announcement that the city received loan consolidation approval from Georgia Environmental Finance Authority (GEFA) to consolidate around $6.2 million in load debt relating to its wastewater treatment plant.
The payment plan, which was approved November 14, consolidates the two loans the city has with GEFA and gives the city a cheaper interest rate than what it was paying on both loans for the next three years- saving the city about $138,000 per year on interest, said Kenerly.
"We got an early Christmas present," Kenerly said Monday night. "GEFA is going to help us, but we have take on a huge task that we're going to have to really work on. GEFA will be auditing us every year to make sure we are staying on task. We just need to make sure we are being really, really wise these three years. I'm excited to get a lot of things taken care of or seen after or watched after and maintain like it needed to be."
In July the city started working with engineer Jerry Hood with Engineering Management, Inc. on debt restructuring relating to the city's wastewater treatment plant.
The council approved a motion Monday to authorize Kenerly to sign the consolidation plan with GEFA.
Article compliments of The Jackson Herald December 11, 2013